Dublin Airport Authority unveils plans for €4 billion Airport City

The Dublin Airport Authority (DAA) has unveiled a master plan to develop a €4 billion Dublin Airport City on 350 acres of land close to the airport. Described as a ''new economic, educational and research zone'', the Airport City is designed to be Ireland's premier location for international business headquarters, targeting the next generation of foreign direct investment into Ireland.

Once complete it is estimated that Dublin Airport City will contribute around €1 billion per annum in added value to the Irish economy.

Irish Taoiseach (prime minister) Bertie Ahern said: ''These exciting plans unveiled today provide a blueprint for the development of a world class Airport City, creating one of Europe's premier airport economic zones for global companies. Located close to the newly-developed Dublin Airport, Dublin Airport City will deliver a vibrant new economic hub for the country, advancing Ireland to the next stage in our development as one of the most successful economies in Europe.''

The new zone will incorporate 600,000sq mtr of office space, and more than 40,000sq mtr of retail, hotel and conference facilities. DAA plans to develop Dublin Airport City on a phased basis over a 15-20 year period with first occupation expected in 2012/13.

The master-planning for Dublin Airport City has been developed by architectural firm HOK, financial advisors to the project are Rothschild and KPMG, with property development advice being sourced from leading international property company CBRE.

The project will be funded independently of the €2 billion investment programme currently underway at Dublin Airport.

DAA chairman Gary McGann said: ''The DAA believes the plan for Dublin Airport City has the vision, the location, the wherewithal and the support, not least from government, to become the most significant catalyst for economic activity in Ireland for a generation and to deliver benefits for Dublin Airport for many generations to come.''